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Bundestag has approved Germany’s record debt of 218 billion EUR | Economico Daily

Bundestag has approved Germany’s record debt of 218 billion EUR | Economico Daily

This year, the federal government will be able to take on record debts of nearly 218 billion EUR to tackle the coronavirus crisis. The Bundestag (German parliament) adopted the second additional budget on Thursday to finance the stimulus package. It increases the new debt planned for the current year to 217.8 billion EUR. The extra money is intended primarily to finance measures aimed at increasing consumption and boosting the economy in the coming months.Vice-Chancellor and Finance Minister Olaf Scholz (SPD) has promised that the federal government will not save because of the crisis. “And...

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3d ago
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German unemployment rose in June | Economico Daily

German unemployment rose in June | Economico Daily

German unemployment rose in June, and one of the country’s leading economic research institutes warned of slower economic recovery from the coronavirus pandemic.The number of job losses in the second quarter of the year alone was 678,000. Thus, the total number of unemployed remains just under 3 million, a threshold that has not been exceeded since 2011. However, more layoffs were prevented by the state’s generous job preservation program, the Federal Labor Agency said Wednesday. The unemployment rate in the country is at 6.4% in June.For its part, the Ifo Institute, which five weeks ago...

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4d ago
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Steven Mnuchin: Up to 140 billion USD can be diverted to small businesses | Economico Daily

Steven Mnuchin: Up to 140 billion USD can be diverted to small businesses | Economico Daily

The US Treasury Secretary Steven Mnuchin said up to 140 billion USD could be diverted in the form of small business loans, which Washington would use to support restaurants, hotels, and other industries hardest hit by the coronavirus pandemic.The remaining funds allocated to the Paycheck Protection Program (PPP) will expire on Tuesday when the Small Business Administration stops accepting applications for easy loans.Steven Mnuchin said he had the support of Democrats and Republicans to “redirect” funds, possibly to the various types of small businesses that are most affected by restrictive...

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4d ago
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Inflation in the Eurozone accelerated to 0.3% in June | Economico Daily

Inflation in the Eurozone accelerated to 0.3% in June | Economico Daily

In June, when many measures to curb COVID-19 were phased out, annual inflation in the Eurozone accelerated to 0.3%, from 0.1% in May, according to a preliminary estimate by Eurostat, the European Union’s statistical office.Looking at the main components of Eurozone inflation, food, alcohol, and tobacco are expected to grow by 3.1% in their prices in June (compared to 3.4% in May), followed by an increase in services by 1.2 % (compared to 1.3% in May), non-energy industrial goods (0.2% – unchanged compared to May) and energy (-9.4%, compared to -11.9% in May).Among the countries in the...

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4d ago
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The V-shaped economic recovery is coming | Economico Daily

The V-shaped economic recovery is coming | Economico Daily

Last week, thousands flocked to Bournemouth Beach, a popular spot in the south of the United Kingdom. They basked in the sun close to each other, had a picnic, swam, drank, played, and left many tons of garbage behind. Local authorities, panicked by the potential proliferation of Covid-19, said they were “absolutely appalled by the irresponsible actions of so many people” and immediately issued 558 fines for improper parking.However, there is another way to look at this, as well as the crowded beaches in the United States. Both are less likely to portend a future disaster than a sign of...

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5d ago
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Big Foods are no less important than Big Tech | Economico Daily

Big Foods are no less important than Big Tech | Economico Daily

Big Food (biggest food companies) is moving fast towards overtaking Big Tech as the most politicized business in the world. Few things are more important than agricultural production, but food security is a term that until recently was used only in developing countries.The coronavirus pandemic has now revealed the vulnerability of highly concentrated food supply chains. In the United States, this has led to calls for antitrust action. A federal judge recently gave a big warning shot by issuing a rare prison sentence to the former CEO of Bumble Bee Food for the tuna price-fixing scheme. The...

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6d ago
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Trade is not the problem, but part of the solution of the Covid-19 crisis | Economico Daily

Trade is not the problem, but part of the solution of the Covid-19 crisis | Economico Daily

One of the things this crisis has taught us is that we are dangerously dependent on global supply chains for our medicines, such as penicillin, our medical supplies, such as masks, and our medical equipment, such as respirators, said the influential adviser to US President Donald Trump, Peter Navarro.This view is tempting for protectionists. But he is wrong. The lesson of the crisis is to be better prepared. Self-sufficiency in “basic products” would not be a good way to achieve this. On the contrary, it would be a costly mistake.Attacks on cross-border supply chains should not be seen in...

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6d ago
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German consumer sentiment is improving for the second month in a row | Economico Daily

German consumer sentiment is improving for the second month in a row | Economico Daily

Consumer sentiment in Germany is recovering from the effects of the coronavirus thanks to the rapid restart of the local economy. Both economic expectations and income expectations and consumption tendencies are increasing. As a result, GfK forecasts a level of consumer sentiment of -9.6 points for July 2020, which is 9 points higher than the value of the indicator in June this year or -18.6 points.Consumers are increasingly recovering from the shock, which led to an unprecedented drop in sentiment in April. This means that consumer confidence is rising for the second month in a row. As a...

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6d ago
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German businesses hope for economic recovery by the end of the year | Economico Daily

German businesses hope for economic recovery by the end of the year | Economico Daily

German business is becoming increasingly confident that government support and the recovery of private spending will lead to economic recovery in the second half of this year.The sentiment of the companies surveyed by the Ifo Institute reported a further improvement in June, and the indicator of expectations rose for the second consecutive month.However, the uncertainty surrounding the pandemic is still significant, with a recent outbreak at a large meat processing plant highlighting how quickly the infection can return to its previous rate, leading to renewed blockages.“German business...

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Jun 25
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What if Dax expands to 50 components? | Economico Daily

What if Dax expands to 50 components? | Economico Daily

Coronavirus has changed the world: flying is almost out of the question these days, our own four walls have become the center of our lives. This is exactly what the increasingly leading German index Dax reflects: Deutsche Lufthansa dropped out of the index of the 30 most valuable and most traded companies on the stock exchange. The airline was replaced by the Berlin real estate group Deutsche Wohnen.This sounds relevant to the era, but the companies of the future in the field of digitalization and technological innovation are difficult to find in the Dax 30, although they are also gaining...

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Jun 25
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Sales of new homes in the United States rose in May | Economico Daily

Sales of new homes in the United States rose in May | Economico Daily

New home sales in the United States rose more than expected in May, as record low mortgage rates brought buyers back to the housing market, which froze during the pandemic.Purchases of single-family homes rose 16.6% to an annual rate of 676,000 units, according to government data released on Tuesday. The average forecast of economists surveyed was 640,000.Housing companies are happy to welcome buyers back after social distancing rules in much of the United States pushed them out of the market in March and April. More and more buyers are choosing new homes due to the lack of ads for existing...

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Jun 24
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Factory activity in Japan reached an 11-year low | Economico Daily

Factory activity in Japan reached an 11-year low | Economico Daily

Japan’s factory activity remained at its lowest level in 11 years in June, a sign that the coronavirus pandemic is affecting industrial producers, although sentiment in the services sector is improving. The decline in manufacturing activity offers evidence of the continued impact of the coronavirus crisis on export-dependent economies such as Japan.Au Jibun Bank’s PMI for the industrial sector in Japan fell to a seasonally adjusted 37.8 points from 38.4 points in May.The index registered its lowest value since March 2009 for the second consecutive month, remaining well below the key line of...

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Jun 24
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The confrontation between the ECB and Germany is not over | Economico Daily

The confrontation between the ECB and Germany is not over | Economico Daily

The European Central Bank’s most determined attempt so far to counter German dissatisfaction with its easing policy may come as early as this week.This was hinted by the manager of the institution Christine Lagarde on the June 4 meeting.The ruling of the German Constitutional Court against the ECB’s asset purchases of 2 trillion EUR (2.3 trillion USD) created a confrontation between the main legal body of Europe’s largest economy and the ECB, which is not subject to national jurisdictions.Peter Huber, the judge who drafted the ruling, continued to pressure the ECB to respond, insisting that...

economicodaily.com
Jun 23
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BlackRock: The EU economy may surpass that of the US by the end of the year | Economico Daily

BlackRock: The EU economy may surpass that of the US by the end of the year | Economico Daily

The world’s largest financial company, BlackRock, said the “impressive size” of European Union (EU) fiscal and monetary measures in response to the economic consequences of the coronavirus would help the bloc’s economy.The fund manager maintains its activity in relation to European peripheral government bonds and is considering switching to European equity instruments, said Elga Barch, head of macro research at the BlackRock Investment Institute.According to the company, “Europe can surpass the United States in the second half of the year”.Although blockades in the Old Continent began...

economicodaily.com
Jun 23
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The ECB shows a willingness for cooperation after Karlsruhe’s court decision | Economico Daily

The ECB shows a willingness for cooperation after Karlsruhe’s court decision | Economico Daily

Following the decision of the German Federal Constitutional Court and the purchase of bonds by the European Central Bank, now the regulator in Frankfurt intends to help resolve the dispute.“We are ready to work with the Bundesbank (the German central bank) and provide information to facilitate the response that the German institutions must give to the Constitutional Court”, said ECB Vice-President, Luis de Guindos. According to him, the ECB is ready to cooperate, but it is “fully” committed to its own independence. The central bank has taken into account the decision of Karlsruhe.Earlier in...

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Jun 23
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Developing Europe is more important to the United States than ever | Economico Daily

Developing Europe is more important to the United States than ever | Economico Daily

Developing Europe is a region critical to the United States, both politically and economically. The countries in the region have gone through various phases of transition in recent decades and have generally deviated from the collectivist philosophies of socialism and communism and turned to various free-market policies that have led to prosperity and stability. A secure, stable, and economically viable, emerging Europe is on America’s radar from both an economic and a security perspective, writes Anthony Kim of the Heritage Foundation in his analysis for the online edition of Emerging...

economicodaily.com
Jun 21
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Christine Lagarde warned of turmoil if EU leaders do not agree on incentives | Economico Daily

Christine Lagarde warned of turmoil if EU leaders do not agree on incentives | Economico Daily

The governor of the European Central Bank, Christine Lagarde, warned EU leaders meeting by video conference on Friday that failing to reach an agreement on the stimulus package could raise concerns in financial markets.Leaders have begun talks on a 750 billion EUR (840 billion USD) joint plan to help their economies recover from blockades against the spread of Covid-19, with Germany and France pushing for a deal next month.The European Commission has proposed issuing a joint debt to finance the program, which would be an unprecedented move towards the integration of the 27 Member States.The...

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Jun 21
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Coronavirus will hit severe developing countries | Economico Daily

Coronavirus will hit severe developing countries | Economico Daily

Covid-19 is the worst peacetime shock to the world economy in a century. Moreover, this recession is the first since 1870 caused by a pandemic alone. Both observations come from the World Bank’s excellent Global Economic Outlook. They illustrate the scale of the damage, there could never have been a greater need for an ambitious and joint response, but these qualities are unfortunately lacking.One of the remarkable conclusions of the World Bank’s report is the scale of uncertainty about what lies ahead. We know that we are in the midst of an extraordinary global economic contraction. We do...

economicodaily.com
Jun 21
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The current generation of students will lose 10 trillion USD from the pandemic | Economico Daily

The current generation of students will lose 10 trillion USD from the pandemic | Economico Daily

The current generation of students is at risk of losing 10 trillion USD in the coming years due to the pandemic closure of schools, warns the World Bank.The calculation is based on the assumption that schools have remained closed for five months, the World Bank said in a report published on Thursday. The virus left 1.6 billion students out of school at the height of the blockade in April. Nearly 7 million students could drop out of primary and secondary school as a result of the shock of the pandemic, the bank said.The combination of leaving school and the loss of a family’s livelihood due...

economicodaily.com
Jun 19
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Italy raises spending by 10 billion EUR | Economico Daily

Italy raises spending by 10 billion EUR | Economico Daily

Italian Prime Minister Giuseppe Conte is likely to seek parliamentary approval for about 10 billion EUR in additional spending. This will be Conte’s next step in trying to revive one of Europe’s most vulnerable economies.The additional funds will extend Italy’s budget deficit this year to 11% of its gross domestic product (GDP) from the current level of 10.4%.The funds will help to finance the government’s program, a guarantee fund for small and medium-sized companies, resources for cities and regions, and the European Union (EU) initiatives.Already burdened with one of the highest...

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Jun 17
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The EU rescue fund will be profitable for bond investors | Economico Daily

The EU rescue fund will be profitable for bond investors | Economico Daily

European bond buyers are currently trapped between highly unpredictable changes in sentiment on higher-coupon government debt, such as that of Italy and Greece, and top-rated German government securities with negative yields. But salvation is on the horizon – both for bond fund managers and for our pensions.Profit-hungry investors are on their way to a feast in the coming years, as the European Union’s pandemic response creates a significant increase in a type of high-quality securities offering more returns than lending to Germany.The European Commission is trying to get Member States to...

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Jun 17
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Germany’s new debt could rise to 218 billion EUR | Economico Daily

Germany’s new debt could rise to 218 billion EUR | Economico Daily

Germany’s new debt will rise to 218 billion EUR this year, according to the Bundestag member Eckhardt Rehberg, as Berlin developed a record package of incentives to combat the effects of the coronavirus pandemic.The plan to take on more debt underscores the large-scale fiscal shift in Germany by a disciplined approach to spending on one of the Eurozone’s largest investors in countering the pandemic’s economic impact.The country has reduced its debt from more than 80% of gross domestic product since the 2008 financial crisis to about 60%, allowing it to borrow more.“With the introduction of...

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Jun 16
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Governments must allow people to participate in the recovery | Economico Daily

Governments must allow people to participate in the recovery | Economico Daily

Governments around the world are running time machines, borrowing from future growth, and spending in the present to compensate for the economic damage caused by the Covid-19 pandemic. France and Germany, for example, have offered a 500 billion EUR aid package, while in the UK the Office of Budget Accountability expects the Treasury to need an additional 300 billion GBP to support life-saving business support.But simply shifting the burden of private debt to the public balance sheets of future generations will not be enough to escape the crisis completely. It would be better for governments...

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Jun 16
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